INDIAN BANK vs M/S STARLIT TRADERS on 21 May 2026

Order

Ys lf/s Starlit Traders & Anr. Officc acton with dab and dated Sbnatlte of parties rhen lECessaay

Counsel for the parties Mr. Subir Kr. Bera, Ld. Advocate representing Mr. pan Kr. Mukherjee, Ld. Counsel for the applicant Bank. None for the defendants. T.4./346 of 2020 (arising out of O.A.nrc of 20,18) is allowed and disposed of. Final Order / Judgment is in separate sheet of 5 pages. File be consigned to record room. Order be uploaded on the Tribunal,s website. -..........t. -&t (Arbind Madhav) Presiding Ofiicer DRT-2, Kolkata 21.05.2026 Order with Signature

T.4./346 0f 2020 - oRT_zKot DEBTS RECOVERY TRTBUNAL - 2, KOLKATA Jeevan sudha Brdg. Orh Froor,42rc, J.L. Nehru Road, Korkata -7oooz1 Before Shri Arbind Madhav. Presidinq Officer T.A. No.346 o12020 arising out of O.A./716 of 2018) ln the matter of lndian Bank, a body corporate dury constituted under the Banking companies (Acquisition and rransfer of Undertaking) Act, 1970, having its corporate office at 2s4-260, Awar shanmugam Sarai, Royapettah, chennai -600014, Tamir Nadu, and carrying on business, inter-alia, having its numerous branches incruding one at Kidderpore Branch,4 No. Ram Kami street, P.s.- wattgunge, Korkata - 7ooo23, south 24-parganas, commonry known as Kidderpore Branch. ........... Applicant Bank -Versus- M/s starlit rradets, a proprietorship business of Mrs. Anita Dey, having its office and/or principal prace of business at 9, ord china Bazar Street, Korkata - 7ooo01 and also at 233, Old China Bazar Street, Kolkata _ 70OOO1, West Bengal. Mrs. Anita Dey, Proprietor of M/s startit rraders, having its office and/or principar place of business at 9, ord china Bazar Street, Korkata - 7o0oo1 and also at 233, Old China Bazar Street, Kolkata - 7OOOO1, West Bengal. Defendants

Counsel for parties: For the Applicant Bank For the Defendants : Mr. Pankaj Kumar Mukherjee : Ex-Pade FINAL ORDER/JUDGMENT Delivered on 21.05.2026 Applicant, lndian Bank instituted the present Application being the Original Application No.716 of 2018 filed in DRT-3, Kolkata on 27.08.2018 against two Defendants under Section 19(1 ) of the Recovery of Debts & Bankruptcy Act, 1993 (amended from time to time) for recovery of Rs.40,24,976.00 (Rupees forty lakh twenty four thousand nine hundred seventy six) inclusive of interest calculated upto 07.08.2018 together with interest pendente lite and further interest from 08.08.2018 @ 14.95o/o per annum with monthly rests, till realization of the entire due in full. Subsequently, the instant case has been transferred to DRT-2, Kolkata vide the Hon'ble Chairperson DRAT, Kolkata's direction vide y'1('Ltt", No.4/6/DRAT/KOU2018(pt.) dated 16.09.2019, such has been recorded vide Ld.

T.A.IUO ol 2020 - DRT-2tKot Registrar, Kolkata DRT-3's order dated 30.10.2019 and the same has been renumbered as T.A./346 ot 2O2O vide Ld. Registrar,s order dated 11.06.2020.

2. The brief facts of the case as set out by appricant Bank in its originar Apprication, as under:

(i) That the defendant No.1 , M/s stailit rraders,a proprietorship business of defendant No.2, Mrs' Anita Dey is the borrower. The Defendant No.2 being the proprietor of defendant No.1 approached and applied the applicant Bank for credit accommodation vide application dated22.og.2o14. upon consideration of loan application, applicant Bank was pleased to grant / sanction an occ/MSME facirity of Rs.30,00,000.00 (Rupees thirty rakh) in favour of defendant No.1 vide sanction retter dated 13.10.2014 against hypothecation of BookDebt,asprimarysecurity. copyofroanapprication dated22.o9.2o14andsanction letter dated 13-10.2014 are annexed and marked with Annexure ,A-1 , & ,A-2, respectivery.

(ii) ln acknowredgement of granting the said credit facirity of Rs.30.00 rakh, the defendant No.2 being the proprietor of defendant No.1 duly executed the following security documents all dated 14.10.2014 in favour of applicant bank, as under:

(a) Declaration by the borrower;

(b) Consent Letter from borrower/s for disclosure of information;

(c) Single / joint demand promissory note; (d) Agreement for open cash credit (stocks / book debts); (e) Agreement of Hypothecation of movables; copies of said documents are annexed and marked with Annexure ,A-3,, ,A-4', ,A- 5','A€' &'A-7' respectively.

(iii) For the purpose of securing repayment of the debit balance lying outstanding, the defendant No.2 duly executed and/or delivered an Acknowledgement of Debt-cum- security dated 03.'10.2017 in favour of applicant bank; copy of said acknowledgement of Debt-cum-security dated 03.10.2017 is annexed and marked as Annexure'A-g'.

3. The Defendants enjoyed and utilized the said credit facility by opening Account in Bank's Kidderpore Branch, 4 No. Ram Kami street, Kolkata - looo23. However, the defendants failed and neglected to abide by the terms and conditions of the facility. The Defendants did not repay the outstanding Bank's dues and overdue interests in loan Account. Since the defendants did not pay any attention to regularize the Account inspite of repeated requests made by applicant Bank, the Account became out of order and was classified as N.P.A. on28.10.2Q17. considering aforesaid default, the applicant Bank was compelled to issue Recall, demand & Notice dated 20.08.2018 upon the defendants through its Advocate demanding to repay the outstanding Bank's dues, but the defendants failed and neglected to comply with the said notice; copy of said notice dated 20.08.2018 is annexed and marked as Annexure 'A-9'. Certified copies of Statement of Account along with Certificate under Bankers' Books of Evidence Act, with interest calculation sheet, have been filed to show and prove the dues (Annexure 'A-10'), and interest pendenti lite and future from 08.08.2018 @ 14.95o/o per annum with monthly rests, till realization of the entire .6

T.4./346 of 2020 _ DRT_2/Kot due in full, has been prayed. Applicant Bank submitted that their claim in the Application is within limitation. 4' The notices / summons was sent to the Defendants No.1 & 2 by the Tribunar. rt is observed from s/R affidavit dated 17.06.2023 and it's enclosures that service of Notices / summons upon the Defendants by postar service / hand derivery is not successfuily effected, such has been recorded vide Ld. Registrar,s order dated 01.0g.2023. At the request of Ld. Advocate of the appricant Bank, Ld. Tribunar is directed to serve the summons upon the defendants No.1 & 2 by way of pubrication; and Ld. Advocate for appricant Bank has brought on record the afiidavit of service on pubrication dated 03.10.2023 upon the Defendants No.1 &2 arong with rerevant portion of paper cuftings in two newspapers, namery (i)'The Times of tndia' in Engrish and (ii) ,Dainik statesman,in Bengali, both dated 24.09.2023, such has been recorded vide Ld. Registrar,s order dated 21 .05.2024. Despite service, the defendants did not appear nor fired the written statement; thus, both the defendants were ordered to be proceed ed ex-parte vide order dated 20.08.2024. Ld. Advocate of the appricant Bank has submitted argumeht on 16.o4.2026. 5' Applicant Bank has filed the evidence-on-affidavit affirmed by Sumit Kumar, Branch Manager of Bank's Kidderpore Branch, 4 No. Ram Kami street, p.s.- wattgunge, Korkata

- 700023 along with the copy of originar documents executed by the Defendants. originar documents have been produced by appricant Bank; the same have been verified with copies of documents annexed with o.A., and after verification the original documents have been returned to Mr. rsram Ari Mailick, Asstt. Manager of Bank's Kidderpore Branch, Kidderpore, Kolkata -700023 on 12.11.2022, such has been recorded in Ld. Registrar,s order dated 17.11.2022. The documents produced by applicant Bank are exhibited and annexed as Annexure / Exhibit ,A-1,to ,A-10'. I have heard the Ld. Advocate ofthe applicant Bank and perused the records. 6' Evidence-on-affidavit, filed by applicant Bank, has remained unchallenged, un- rebutted and its veracity cannot be put to dispute. Applicant Bank has corroborated the averments made in the o.A. Applicant Bank has proved the sanction of occ/MSME facilityofRs.30,00,000/-videsanctionletterdated13.10.2014. ApplicantBankhasproved the hypothecated movable assets / property; morefully described in schedule ,x' at page 2O and para 34 at page 8 & 9 of the original application.

7. on the point of limitation, Loan has been sanctioned on 13.10.2014, documents have been executed on 14.10.2014; original Application has been filed on 27.og.zo11. Further, the defendant No.2 admitted her debt & liability by executing an Acknowledgement of Debt-cum-Security dated 03.10.20'17 in favour of applicant Bank acknowledging the debit balance outstanding in the loan Account(s). As such, the original Application appears to have been filed well within the period of limitation. a

r.A.IUO ot 2020 - ORr-2/Kot 8' Appricant Bank has stated that the outstanding barance in open cash credit / MSME Account (incrusive of accrued interest and other charges as carcurated upto 07'08'2018) for a sum of Rs.40,24,976.00 (Rupees forty rakh twenty four thousand nine hundred seventy six) as on 07.og.2o1g,which is the amount craimed by appricant Bank in the originalApprication, and the defendants No.1 & 2 are, joinfly and/or severaily, riabre to repay the said amount to the appricant Bank with pendente tite and future interest, ti, rearization' r a,ow the craim as made by appricant Bank in the originar Application. Applicant Bank has prayed pendenti tite and further interest @ 14.gilo/oper annum with monthly rests from 0g.0g.2019, till realization of the entire due in full; while in sanction letter dated 13.10.2014 the rate of interest @13.50yo per annum, has been mentioned. Therefore, in my view, rhe pendente /lfe & future rate of interest @ 13.50o/o per annum, with quarterly rests, from Og.Og.2O1g, is allowed.

9. The matter arso fafis within the territoriar as weil as pecuniary iurisdiction of this Tribunal. The Appricant Bank has proved to craim made in the O.A./T.A. The T.A. being T.A.lU6 o12020 (arising out of O.A.t716 of 2018) deserves to be allowed; hence allowed.

10. ln view of the above, I pass the following order :_

ORDER

(i) T.4./346 of 2020 (arising out ot o.A.t716 of 2018), fired by appricant Bank, is alowed and debt is determined with cost against the Defendants No.1 & 2. lt is hereby ordered that the Defendants No.1 & 2 are hereby directed to pay, joinfly and / or severally the total debt amount of Rs.40,24,976.00 (Rupees forty rakh twenty four thousand nine hundred seventy six) due and payable, inclusive of interest and other charges as calculated upto 07.08.2018: and interest for the period perde, te tite andfuture rate @ 13.s0%per annum, with quarterly rests, from 08.08.2018, till realization of the entire sum due and recoverable.

(ii) Amount, if any, paid by the Defendants in the loan account or amount, if any, recovered by applicant Bank after filing of the original Application, the same may be taken into account while arriving at the exact amount of dues/debt payable by the Defendants. Accordingly, lhe penilente lite and future interest shall be calculated on the reduced amount.

(iii) The defendants No.1 & 2 are debarred from transferring, alienating, encumbering or disposing of the hypothecated movable assets/property; described in schedule ,X, at page 20 and para 34 at page 8 & 9 ofthe original application, as under_ Hvoothecated Movable Assets: "Hypothecation of sfocks of raw mateials/wp/ Finished goods of paper for offset and digital pinting, stored / to be stored at g, old china Bazar steet, Kolkata - 700001 and also at 233, Old China Bazar Street, Kotkata - 7OO0O1 , West Bengat or at such place / places as may be intimated to the bank from time to time and hypothecation of Book Debt, as pimary security." ,6

T.A./346 0f 2020 - DRT_2/Kot The Defendants is arso debarred from transferring, arienating, encumbering or disposing of any other property(s) either movable or immovable and assets belonging to her till the aforesaid adjudicated debt amount are recovered from the Defendants No.1 &

(iv) The defendants No.1 & 2 are given a time of sixty days from the date of this Final order / Judgment for repayment of the above mentioned dues, so intimated to her. rn case the Defendants fair to pay the dues within the above mentioned time, the appricant Bank is entitled to recover its dues by sare of secured property(s), as aforesaid. Appricant Bank is also entitled to proceed against personal property(s) of the Defendants No.1 & 2 both moveable and immoveable and also proceed against the Defendant No.2 personafly to recover the dues, in accordance with law.

(v) Let the certificate of Recovery be drawn up by Ld. Registrar forthwith in terms of Final order / Judgment for issuance of the same against the Defendants No. 1 & 2 in favour of applicant Bank under se ction 19(22) of the Recovery of Debts and Bankruptcy Act, 1993 (amended from time to time) and put up the same for signature for issuance.

(vi) Ld. Recovery officer shall realize the amount as per the Recovery certificate from the Defendants No.1 & 2, in accordance with law.

(vii) Ld. Registrar of this Tribunal is directed to place Recovery certificate in terms of this Final Order / Judgment under section 19(22) of the Act of 1993. Accordingly, the original Application, being T.A./34G ot 2o2o (arising out of

0. A1716 of 2018) is allowed and stands disposed of. This order is dictated and corrected by the undersigned and pronounced on this the 21sr day of May,2026. Copy of the Final Order / Judgment be uploaded in the Tribunal's Website. A/k- HD u-^ (Arbind l'' tb Presiding Ofiicer DRT-2, Kolkata